Posted August 5, 2021

RBC Bearings sales decline

RBC Bearings said its net sales for the first quarter of fiscal 2022 were $156.2 million, a decrease of 0.2 percent from $156.5 million in the first quarter of fiscal 2021.

Net sales for the industrial markets increased 31.0 percent while aerospace net sales decreased 18.3 percent.

Net income of $26.0 million, or $1.03 per diluted share, compared to $22.7 million, or 91 cents, for the same period last year. 

“First quarter results were in line with our expectations. Our team maintained a high level of execution which allowed us to build on momentum from the fourth quarter. Strong order rates from industrial customers continued over the period; the outlook is one of increasing demand for our products as these markets continue to rebound,” said Dr. Michael J. Hartnett, chairman and CEO.